Business Lending Rises In Q1 2017
The Bank of England Credit Conditions Review 2017 Q1 uses data from various sources to cover a number of things such as what is happening in bank funding and conditions within corporate credit. The report can be viewed in full on the Bank of England’s website.
In the report it mentions that business lending has been increasing this year but growth has eased in recent months. In February 2017 stock lending by banks to non-financial businesses increased by 1.7% although it is interesting that this figure is lower when compared with around the middle of 2016 when it was circa 3%.
Businesses will be pleased to read that interest rates have not changed a great deal thus providing some stability in terms of budgeting. It is also pleasing to note that the supply of credit was available to suitable applicants.
There are of course many providers of finance for businesses here in the UK so it is important that business owners shop around to endeavor to obtain a competitive financial package. Unfortunately, there will be some businesses that go no further than getting in touch with their bank where the business current account is held and arrange the likes of a commercial mortgage through that source.
However, a more competitive finance deal may have been available from elsewhere thus saving the business money over the period of the borrowing. Many business owners probably feel that they do not have time to shop around for a better lending package as they are concentrating on running their business.
Therefore, another option is to use the likes of a commercial mortgage broker that has access to an extensive panel of lenders. The broker will spend time in sourcing a competitive suitable lending scheme tailored to your business’s requirements. So, why not get in touch with us today and we will put you in touch with an experienced broker to discuss your needs.